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Convene raises $152 million

Series D Round haul values the startup at over $500M

Convene Founders: Chris Kelly and Ryan Simonetti (Credit: Bloomberg)

WeWork rival Convene has raised $152 million in a Series D, valuing the startup at more than $500 million. The company was founded in 2009, and has now raised $260 million. Notable Real Estate investors include RXR, Brookfield, Durst, and QuadReal, according to Bloomberg.

What they do: The company primarily focuses on co-working, and also provides meeting and event space. They now wisely offer landlords hospitality capabilities as a standalone service even in buildings where Convene is not a tenant.

Be Smart: With around 2.3 million members spread across 17,725 co-working spaces worldwide, the industry has seen an average annual growth rate of 16.1% since 2007. Should be interesting to monitor this trend.

Takeaway: With Knotel and Convene both valued in excess of $500 million, it’s remarkable how bullish VC’s are on the co-working space. Perhaps they feel they are getting a discount to WeWork’s $20 billion valuation.

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